Business - - Nov 11,2016
The British multinational retail company Mark & Spencer PLC has announced it will close its 30 UK high-street clothing and home shops with further plans to transform dozens more into food stores.
The Chief Executive Officer of retailer company Mr. Steve Rowe said that around 45 of the retailer’s clothing store houses will be swapped by its more prosperous food halls. M&S PLC CEO Mr. Rowe also defined plans to closed 53 stores across 10 worldwide markets together with 10 store houses in China and 7 store houses in France.
Moreover, all stores in countries like Hungary, Belgium, Estonia, Lithuania, Poland, Romania, Netherlands, and Slovakia would also face shutdown.
According to Steve Rowe, 'now they have finished a forensic analysis of their resources both in the UK and in global markets’. In the following five years, they are planning to change their UK resources with 60 less clothing stores, while keeping the current rise of their food stores in a stable state. In the upcoming years, they will have some additional stores established at locations where the company can easily implement their increasing digital proposal. With shares primarily climbing before falling back in early trading, the investors are unsure about Mark & Spencer store shutting plans.
“These are very tough judgments, but vital to structuring a future Mark & Spencer that is simpler, more important, multi-channel and dedicated on providing supportable returns' said Mr. Rowe. The closures of Mark & Spencer which also disturb some stores in foreign, it includes the outlet in France and China; these are parts of main changes in policy to dedicate more space to its effective food collections and also to build its own website deals. This a three-year plan, which aims to increase sales by dragging customers to shop clothing online.